Although induction motors are the simplest and most working reliability machines, is the identification of the parameters of their substituting circuit very difficult. There is solved the identification of the parameters of the substituting circuit in the T-network and ? –network in this work. The work also includes the proposal of magnetic circuit of the induction motor, the calculation of magnetizing and leakage inductances and resistances of the machine. The conclusion of the work is devoted to the sensitivity analysis of current and torque characteristics of induction motor upon the change of the single parameters of the substituting circuit.